Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of First Republic Bank (“First Republic” or the “Company”) (NYSE: FRC). Investors who purchased First Republic securities are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/frc.
The investigation concerns whether First Republic has violated federal securities laws.
On March 13, 2023, following the collapse of Silicon Valley Bank, Silvergate Bank, and Signature Bank, First Republic led a wave of declining bank share prices, based on liquidity concerns. These concerns persisted even after First Republic secured emergency funding. Downgrading First Republic’s shares, Raymond James wrote: “Despite the added liquidity sources, we believe deposit balances will remain under pressure in the immediate near term. While we believe the bank received some deposit inflows on Thursday during the bank run at SVB, additional panic among large depositors may have driven deposit balances lower since Thursday.” On this news, First Republic’s stock price fell $50.55 per share, or 61.83%, to close at $31.21 per share on March 13, 2023.
If you are aware of any facts relating to this investigation or purchased First Republic shares, you can assist this investigation by visiting the firm’s site: www.bgandg.com/frc. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230315005739/en/